Triton Minerals (ASX:TON) is set to deliver results from an ambitious fundraiser by the end of the week as the company continues to expand a Definitive Feasibility Study (NYSE:DFS) to include new drilling at the Nicanda Hill graphite project in Mozambique.
The update comes with the closure today of an entitlement offer at an issue price of $0.09 per share aiming to raise up to $11.3 million.
The funding drive first flagged in November last year has been underwritten to a value of A$4 million by GMP Securities Australia and is expected to be used to define resources at Nicanda Hill's P66 zone as well as at the company's Ancuabe project (also in Mozambique).
Part of the proceeds will be used to fund the start of construction for a joint venture manufacturing facility in Mozambique with JV partner Yichang Xincheng Graphite.
These plans are unfolding as Triton incorporates positive new drilling results from P66 as part of a proposed integrated operation designed to produce high-purity flake graphite.
A revised site plan and process flow sheet have been finalised whilst the metallurgical test work and geotechnical assessments are ongoing.
The expanded DFS is expected to be completed in mid-2016.
Anticipation around the establishment of a more robust operation at Nicanda follows an increase in the measure resource to 33 million tonnes at 12.3% total graphitic carbon (NYSEMKT:TGC) and 0.34% vanadium (V2O5) as part of a massive total resource estimate of 1.4 billion tonnes at 11.1% TGC.
This has provided the basis for the 10-year projected life of mine at Nicanda Hill and firms the project's status as the largest known high-grade flake graphite-vanadium deposit in the world.
Meanwhile, metallurgical work has underlined the unique marketing versatility of graphite from both Nicanda and Ancuabe with new tests confirming large particle sizes and high recovery rates.
A land use application in broader area of Nicanda is also advancing, with ongoing community consultation and land-use mapping program continuing in and around the villages surrounding the proposed operation.
As part of the Environmental and Social Impact Assessment, the final Environmental Pre-viability Report and Scope Definition has been formally submitted.
Site visits and a community interview program have been completed as part of the Resettlement Action Plan (NYSEMKT:RAP) process, with all communities in full support of the project and no material issues identified.
Triton's project development progress in Mozambique has otherwise focused largely on encouraging work at Ancuabe, where the discovery of extensive surface graphite has confirmed mining potential.
The recent completion of an initial drilling program at the project's T12 prospect has delivered intervals of very large flake graphite at grades higher than 5% total graphitic carbon in every hole drilled.
The mineralisation has been dominated by particle sizes larger than 300 microns, with 43% of the material measuring greater than 500 microns.
Triton now intends to release an initial resource estimate in Q1 2016.
The scope of this latest funding drive reflects Triton's confidence in its Mozambican graphite assets, which have consistently delivered strong exploration and metallurgical results.
Announcement of the results this week will be supported by a strong show a faith by GMP Securities Australia, a commodities-focused investment banking firm which has underwritten the offer to $4 million.
Triton's simultaneous development of Nicanda and Ancuabe illustrates a capacity to pursue a vision of national consequence.
These development plans are lent credence by the participation of Chinese partner Yichang Xincheng Graphite, one of the biggest global operators in the graphite space.
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